1. The FCA shall supervise compliance with this Regulation on an ongoing basis.

2. The FCA shall be responsible for supervising compliance with Chapters II to VII.

3. The FCA shall be responsible for supervising compliance with the obligations set out in the fund rules or in the instruments of incorporation, and the obligations set out in the prospectus, which shall be consistent with this Regulation.

4. The FCA shall be responsible for supervising the adequacy of the arrangements and organisation of the manager of the MMF so that the manager of the MMF is in a position to comply with the obligations and rules which relate to the constitution and functioning of all the MMFs that it manages.

5. Subject to paragraph 6, the FCA must monitor UCITS and AIFs established or marketed in the United Kingdom to verify that they do not use the MMF designation or suggest that they are an MMF unless they comply with this Regulation.